Beijing Bytedance Technology, the parent of China's popular short video app Douyin and news app Jinri Toutiao -"Today's Headlines" - is planning a Hong Kong initial public offering this year, according to the Wall Street Journal.
Although the company denied its intention for an IPO, WSJ wrote that the company's valuation could hit US$45 billion (HK$351 billion), citing sources.
However, Bytedance might not file its application until the first quarter next year.
Meanwhile, China Tower, formed by the big three telecommunication giants in China, is reportedly to delay its book building to next Friday and postpone its listing to August 2.
It was believed that the company would open its retail tranche today and go public at the end of this month.
On the other hand, Zhejiang Cangnan Instrument Group Company, which was supposed to trade its shares on July 13, canceled its IPO plan. "The company and the sole global coordinator (on behalf of the Hong Kong underwriters) have not entered into the price determination agreement," it said in a filing to the stock exchange.
Application monies, including 1 percent brokerage commission, 0.0027 Securities and Futures Commission transaction levy and stock exchange trading fee of 0.005 percent, will be refunded.
"It is rare, but it happens that companies dispose their IPO plans, " said Stanley Chik, head of Research of Bright Smart Securities (1428), "but there is no explanation I can give. Only people from the inside are able to tell."
Elsewhere, two companies - Fusen Pharmaceutical Company (1652) and Man Shun Group (1746) - went public yesterday
Fusen surged to HK$2.54, 22 percent higher than its IPO price of HK$2.08. Investors would have earned HK$460 per broad lot on book.
It was a different story for Man Shun whose share price slumped 30.77 percent from its IPO price to HK$0.36. Investors would have recorded a HK$640 loss.
Today, eight companies go public while five of them have been oversubscribed - Intron Technology Holdings, Tianli Education International Holdings, Inke Limited, Bosa Technology Holdings and Hanvey Group Holdings.
Among them, Bosa closed 70 percent higher in the Bright Smart grey market at HK$0.33 while Tianli ended at HK$3.02, 13.53 percent up from its IPO price of HK$2.66. Hanvey also gained 34 percent.
Online interior design platform Qeeka was the only stock showing a decline in the gray market, down 1.03 percent.